#ClimateChange and the #NobelAward

10:36 AM ET 10/8/18 | MarketWatch

Climate change has already cost the government $350 billion–here’s how much it will cost you…

Why you should pay attention to William Nordhaus and Paul Romer, winners of the 2018 Nobel Prize in Economic Sciences I am posting this story as I believe that the Nobel Economic Prize Winners were able to show the utmost importance of sustainable economic growth and an economic system that takes climate change into account.

The Royal Swedish Academy of Sciences said the two economists “have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth.”

Climate change has cost U.S. taxpayers more than $350 billion over the past decade, according to a report released last year from nonpartisan federal watchdog the Government Accountability Office (https://www.gao.gov/products/GAO-17-720). By 2050, that figure will be $35 billion per year. Costs include clean up and disaster assistance from flooding and storms, which are set to increase under rising temperatures.

But while impending environmental impact of rising temperatures may be the most tangible, the often-overlooked effects on our pocketbooks may be just as worrisome, according to David Stookey, author of the book “Climate-Proof Your Personal Finances (https://www.amazon.com/Climate-Proof-Your-Personal-Finances-safeguard/dp/099739580X)” published the Savvy Families Institute, an organization he heads that is based in Rhode Island.

Impending water shortages can affect (https://www.theguardian.com/environment/2012/nov/30/climate-change-water) the costs of natural gas and even sustainable energy in coming years. Consumers should weatherize their home to decrease how much heat leaves in the winter and how much heat comes in during the summer and switch to renewable energy sources like wind, says Stookey. Face these potential financial troubles head on by making a budget that accounts for a percentage rise in costs each year due to climate change — Stookey’s website offers a sample template (http://savvyfamilies.org/climateproof-budgetbookmark/) for the average family home.

A 21-year-old college student graduating in 2015 is expected to lose $126,000 in lifetime income due to climate change and the generation as a whole is expected to lose $8.8 trillion in lifetime income, a study from environmental advocacy organization NextGen Climate found. This decrease is due to a number of climate change-related economic burdens including stagnant wages and lack of well-paying jobs and potential recession.

2. Straighten out your insurance

As climate change transforms our environment, it will raise a number of new issues to take into account when choosing health insurance.

A large increase in pollen caused by warming planet could mean higher health care costs for people with allergies and asthma. Ragweed pollen season is now a month longer than it was in 1995 and sensitivity to ragweed expanded by 15% in the past four years, according to Stookey’s research. Not all insurance plans cover allergy tests and treatment (http://www.choosingwisely.org/patient-resources/allergy-tests/). Though rarely fatal, the costs of these medical conditions add up: allergy sufferers made more than 17 million doctors visits a year and asthma currently costs $3,300 per person in medical expenses annually, according to Stanford Medicine (http://med.stanford.edu/allergyandasthma/clinical-care/learn-about-allergies.html). New weather patterns could result in more pathogens in city water, Stookey said, putting more people at risk for disease.

Consumers may also want to opt for a health plan with generous mental health benefits, as the American Psychological Association predicts that climate disruption will cause a steady increase in mental health issues, including depression, anxiety, post-traumatic stress disorder, suicide, and addiction.

3. Pick a climate-safe job

Changing weather will have major effects on a number of industries: Agriculture will be damaged by drought and high temperatures and commercial fishing will be negatively impacted (http://www.cnbc.com/2014/10/22/7-industries-at-greatest-risk-from-climate-change.html) by rising sea levels. (Although the latest GAO report (https://www.gao.gov/assets/690/687466.pdf)notes that climate change could actually improve crop yields in the northern U.S.) While warming may shrink some industries, others will remain stable or even experience a boost. College students and soon-to-be graduates may want to choose a career path that is climate-proof.

The most important thing, Stookey said, is to adapt. “The effects of global warming we feel are going to be highly local — one town could be completely immune and its next door neighbor will be in serious trouble,” he said. “People need to start planning for the risks.”